Adjustable Rate Mortgage: A loan for homeowners that offers
a fixed monthly rate for a set introductory period and then
the rates are adjusted according to the market interest rates
at the time.
Appraisal: The estimated cost of your property as deemed
by a professional estimator schooled in the process of rating
property for value. An appraisal establishes the price at
which you sell your home.
Broker: Someone who buys and sells real estate through their
Buy Down: The process of lowering your interest rate for
a varied amount of time whether it is permanent or just for
a limited time.
Closing: The final process of selling and buying a home when
the buyer and seller exchange the ownership responsibility
of the property.
Closing Costs: The cost the seller pays to the real estate
agent and other persons involved in the finalization of the
sale of the home and property.
Credit Report: A report of any credit activity that you have
that is reviewed to establish the amount of credit you can
Credit Score: Based on the credit report, the score is determined
to categorize the state of your credit. The score you receive
based on your credit report.
Equity: The difference between the cost of your house and
how much you still owe. The equity accrues with the length
Home Equity Line of Credit: Credit that you can borrow based
on the equity you have earned in your home.
Loan Term: The length of time that a borrower must pay toward
the balance of a loan.
Note: A paper indicating from the borrower of the loan that
they recognize the debt and states their responsibility to
pay back the loan.